Chinese investors snatch Mornington shopping centre
Mornington Village shopping centre has been snapped up for just shy of $40 million.
A syndicate of Chinese investors from Melbourne paid $39.38 million for the property, and were attracted to the centre’s land value and development potential, according to CBRE national director Mark Wizel.
The double-storey 7963sqm centre on a 1.31ha block at 241 Main St includes Woolworths and Aldi supermarkets, The Reject Shop, Soul Pattinson Chemist and 15 specialty shops.
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The property last sold in January 2014 to a private investor for $25.8 million. The selling price gained $13.58 million in four and a half years.
CBRE director Justin Dowers says retail investment has ramped up on the Mornington Peninsula.
Strong residential growth, a growing wealthier demographic and tourism had attracted a broad range of buyers including institutions, syndicates and private investors, he said.
Dowers says the market has also strengthened on the back of Peninsula Link and EastLink.
“Freeways have opened the peninsula up to a much greater demographic along with a substantial increase in tourist numbers,” he says.
The Mornington Peninsula attracted about 1.7 million overnight visitors and about 5.2 million domestic day trip visitors last year, according to Business Victoria.
This article from Leader Newspapers originally appeared as “Investors splash nearly $40m on Mornington Village shopping centre”.